Introduction to internal control for safeguarding assets: 3-way match, segregation of duties
Read our related Explanations: Bookkeeping
Accounts: record each transaction in two accounts, debits = credits, T-accounts, amounts reported on financial statements
Accounting equation, why revenue accounts have credit balances, accrual method of accounting
Accounts for expenses are debited, the income statement and balance sheet are connected, accrual method of accounting
Tips for remembering which accounts to debit and credit
Why does my bank credit my account when they increase my cash account?
Adjusting entries: recorded in the general journal, deferral of prepaid expenses
Adjusting entries: deferred revenues, accrued revenues, reversing accruals to avoid double-counting
Adjusting entries: accrued expenses, reversing the accrual of expenses after the accounting period is over
Adjusting entries: depreciation expense and accumulated depreciation reported on financial statements, useful life of the asset
Adjusting entries: recap of accruals, deferrals, one balance sheet account and one income statement account will be affected
Introduction to internal control for safeguarding assets: 3-way match, segregation of duties
Bank reconciliation: process to determine the true or adjusted amount of cash, journal entries needed for adjustments to book balance
Sales on credit: risk, unsecured accounts receivable, aging to monitor allowance for doubtful accounts, bad debts expense
Featured Review
"I am Vice President/CFO of a small wholesaling business. I was thrust into this position unexpectedly due to the untimely death of my predecessor, and had almost no prior instruction other than a few accounting courses in college. Thanks to AccountingCoach, I don't have to email my accountant for every little thing. I can find most things easily on AccountingCoach. The materials are well organized and easy to understand. AccountingCoach has helped me to understand why things entered the way they are." - Tony M.
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: